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Thursday, January 27, 2011

And Nero Fiddled While Rome Burned

Well, here's more good news. The economy is BAD and now we hear that Social Security will be running in the RED. It will continue to run a deficit until it runs out of money in 2037. Another broken promise and another failure by big gubment.

I don't remember hearing anything about this from the chosen one in the State of the Titanic Union address the other night. Seems as if we hear very little of it from any of the people in congress. George Bush tried to work on it but was shouted down and demonized. Let's face it. Sooner or later if something definitive is not done, Social Security will simply cease to exist by default. Yet it seems that the Warshington regulators are content to just to fiddle around and ignore the problem, kicking the can to the next generation of politicians. The article finishes up with this:

Social Security supporters are adamant that the program will be repaid, just as the U.S. government repays others who invest in U.S. Treasury bonds.

"Its' an IOU that is backed by Treasury bonds and the faith and credit of the United States government," said Sen. Bernie Sanders, I-Vt. "It is the same faith and credit that enables us to borrow from rich people and from China and from other countries. As you well know, in the history of this country, the United States has never defaulted on one penny owed to a creditor." 

Boy oh boy! With our debt at 14 trillion and increasing exponentially, doesn't that make you feel really great about the future of Social Security?

It is my understanding that Medicare is in even worse shape.

Woe is me!

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